Binding Contracts Assignment Example | Topics and Well Written Essays - 1250 words

Binding Contracts - Assignment Example In our case, Dave and Sam are friends from the same University, with Dave wanting to indulge Sam in a business deal, where they could purchase iPads from a supplier who is seeking to expand his business in Australia. In this case, Sam is worried because he does not have sufficient money and thus opts to say nothing. Dave concludes that both will contribute $500 each to purchase the iPads, which they will sell at a profit and share the profits equally. Considering the requirements of the laws of contract, for an offer to become legally binding, there must be a mutual consent between the two parties (Wilmot, 2009 p35). One party must make an offer and the other party must accept that offer. In this case, Dave is the party making an offer, which Sam is reluctant to accept. A binding agreement is established if the parties involved accept the offer as it is. In case one party gives a different term regarding the offer, then that becomes a counter offer, indicating the rejection of the or iginal offer (Black, 1979 p23). In our case, the original offer required both parties to contribute a Sum of $500 each. However, contrary to the requirement, Sam leaves Dave a message to the effect that he can only contribute $200 and get 20% of the profit share as opposed to the 50% he would have obtained by contributing $500. Therefore, Sam has offered a different term to the agreement, making a counter offer. At this point, the original contract becomes void and unenforceable (Peter, 1979 p45). Therefore, there is no binding agreement in existence between Dave and Sam. Further, under the laws of contract, two parties can be involved in negotiation or pre-emptive talks, where they discuss the terms of the contract just before committing to it. This is referred as an invitation to treat (Horwitz, 1974 p100). In our case, Dave and Sam are discussing about the business deal in a coffee shop, where Dave concludes by himself that they have to enter into the business and make equal cont ributions, without having Sam confirm. Therefore, the discussion they had in the coffee shop amounts to an invitation to treat, where Dave is inviting Sam to consider the iPad business deal (Ewan, 2005 p400). Thus, this is not a contract but a mere invitation to treat, meaning there is no binding agreement between Dave and Sam. More important to the creation of a binding contract is the fact that there has to be an intention to have the two parties legally bound by the agreement they establish (Barnett, 2008 p482). In this case, the two parties involved did not indicate any intention of being legally bound by the agreement. While Dave was developing the business deal that they shall indulge in, Sam was nonresponsive. As a matter of fact, Sam only agreed to contribute $200 to the deal, to avoid offending Dave since he is a friend. Thus, the agreement in this case was established based on friendship without any legal intention created by the parties involved. In this case, the contrac t is not legally binding and thus it is voidable (Gardner, 1992 p170). Therefore, there is no binding agreement that obliges Sam to pay Dave any money. Question 2 In this case, Dave approaches Jane to partner with her in securing the deal and have her contribute $500 to purchase the iPads for sale. In fact, Jane is excited about the whole idea and wants them to make it a full time business of importing 100

Earning a college Degree Worth it Essay Example for Free

Earning a college Degree Worth it Essay Colleges across the United of America are filled with students willing to obtain college degrees. Students usually work hard to earn their college degrees beside the high cost of tuition; they are committed to their education and make extreme sacrifices. But is earning college degrees worth the effort? For many, earning college degrees are opportunities for a life changing situations, employment security, and a great sense of self accomplishment. College degrees are the shortest path to life changing situations for individuals who earn them. For example, individuals with college degrees are more likely to find jobs in accordance with their fields of studies. In addition, their jobs are often less physical and more cerebral. In the workplace, they are usually treated with fairness, and their wages increase steadily. Finally, people with college degrees can enjoy the privilege of job flexibility. To illustrate, those who majors in computer or business might work in the comfort of their homes as software developer, business analyst which jobs allow them flexible scheduling with great wages to combine with family plans. For example, they have more time for cruising, enjoying family getaway weekends, and even biking in rural town. In addition to, experiencing life changing situations, individuals with college degrees have greater chances of employment security. To illustrate, during recession they are less likely to be laid off for several reasons. First of all, they are great assets to companies that will do mostly whatever is necessary to keep them. Next, when individuals with college degrees are searching for employment, they usually do not have to wait long to be recruited by companies mostly because they are skillful and talented. Finally, individuals with college degrees in the workplace are less likely to be fired because they are contractual. They are generally hired on a salary basis with full advantages such as, health insurance and 41k. Most people with college degrees enjoy relative peace and security related to their employment. Finally, people who go to college or university to obtain college degrees of any kind ,experience great sense of self –accomplishment that will reflect on themselves. First, they are proud of themselves for what they have accomplished or overcome to be where they are. Secondly, people with college degrees are treated with respect on their job and that respect follow them even in their homes. Their social status might change totally in a way that they couldn’t imagine four to five years before. When management want to give promotion, people with college degrees are the first ones to enjoy those promotions mostly because they are well prepared. Individuals with college degrees have opportunities to invest in real state, buy fancy cars, and even invest in stock market. Individuals with college degrees can see a brighter future for themselves and families. It is obvious that college degrees bring pride, self-esteem, appreciation, and feelings of well-being for individuals who earn them. To conclude, along with many others, life changing situations, employment security, and a great sense of self-accomplishment are the direct consequences of earning a college education. Naturally, some might argue that college degrees do not worth all the sacrifices. It is widely known that education is a mean to empower individuals to become active participants in the transformation of their society. Every one of us has a role to play to better our life and society. People need to be prepared and get themselves a good education which is the key for a successful life. Indeed, college degrees do worth the effort, sacrifices, and the cost.

Evacuation Essay -- Papers

Evacuation The sources all show different attitudes tot the evacuation of children, some show that evacuation was a great success, however some show that it wasn't such a success. They all show this in different ways-pictures, interviews with the parents and teachers, advertisements and novels so some evidence is more reliable then others. Source A is a very positive attitude or impression to evacuation as it shows evacuees walking to the station in London in September 1939. The children don't look at all bothered, they seem to be smiling and waving to the person who is taking the photograph. Although this is a photograph so it will be real, it isn't that reliable in showing the attitudes or impression towards evacuation because the rest of Great Britain may have different views on the whole evacuation idea, probably a lot of children and the parent would be feeling quite distraught as it would be quite an emotional experience so it definitely isn't at all reliable at showing what evacuation was like and the publics attitude. It could be a source of propaganda; the government were probably trying to make out that evacuation was going well and that it would be a success. In a way this source does show that evacuation was a great success, yet it is a bit bias. Source B shows a negative attitude towards evacuation. Though it is an interview, it only gives one point of view. The interview is both reliable and unreliable as well, it is reliable because it is someone who has actually experienced the evacuation and this person had to look after the children who were being evacuated so this person will know what it was like... ...rces are very negative about evacuation, so I don't really think it was a great success for the public, as they were the ones who were experiencing it and they didn't really approve of it, however for the government it was a great success as they saved some of their population plus other countries thought it was successful too so this was good for the British government. None of the sources give a clear picture on what and how the public were feeling about evacuation and whether they thought it would be or was a success. Everyone in Britain all had very strong and different views about it. Although it does show that government had a very good attitude towards to their public and their safety. In my views, I don't think evacuation was a great success, it was successful but there could have been other ways of solving it. Evacuation Essay -- Papers Evacuation The sources all show different attitudes tot the evacuation of children, some show that evacuation was a great success, however some show that it wasn't such a success. They all show this in different ways-pictures, interviews with the parents and teachers, advertisements and novels so some evidence is more reliable then others. Source A is a very positive attitude or impression to evacuation as it shows evacuees walking to the station in London in September 1939. The children don't look at all bothered, they seem to be smiling and waving to the person who is taking the photograph. Although this is a photograph so it will be real, it isn't that reliable in showing the attitudes or impression towards evacuation because the rest of Great Britain may have different views on the whole evacuation idea, probably a lot of children and the parent would be feeling quite distraught as it would be quite an emotional experience so it definitely isn't at all reliable at showing what evacuation was like and the publics attitude. It could be a source of propaganda; the government were probably trying to make out that evacuation was going well and that it would be a success. In a way this source does show that evacuation was a great success, yet it is a bit bias. Source B shows a negative attitude towards evacuation. Though it is an interview, it only gives one point of view. The interview is both reliable and unreliable as well, it is reliable because it is someone who has actually experienced the evacuation and this person had to look after the children who were being evacuated so this person will know what it was like... ...rces are very negative about evacuation, so I don't really think it was a great success for the public, as they were the ones who were experiencing it and they didn't really approve of it, however for the government it was a great success as they saved some of their population plus other countries thought it was successful too so this was good for the British government. None of the sources give a clear picture on what and how the public were feeling about evacuation and whether they thought it would be or was a success. Everyone in Britain all had very strong and different views about it. Although it does show that government had a very good attitude towards to their public and their safety. In my views, I don't think evacuation was a great success, it was successful but there could have been other ways of solving it.

Civilization of Ancient Greece

Greece produced classics in almost all genres of creative expression: literature, philosophy, music, the visual arts, and architecture. These classics advanced the aesthetic principles of clarity simplicity, balance, regularity, and harmonious proportion. As a style, Classicism is characterized by these aesthetic principles and by the related ideals of reason, moderation, and dignity (Firer 29). Greek culture is a very original culture in their way of life. A good example is the Parthenon.It towers in height with its beautifully elegant and simple design. It served as a shrine to Athena, the goddess of wisdom and war. Many people visit it each year for its history and unique structure. It had a columned design, made marble and realistic lifelike sculptures the first of its kind. Greek architecture has a specific look and feel to it that has been repeated in inspiration of many artists. It has been used as a design for many current structures, including banks, and libraries. The Iliad and the Odyssey are very unique epics that are the first of their kind.During the long period of political and social turmoil that followed, storytellers kept alive the history of early Greece, the adventures of Mycenaean, and the tales of the Trojan War, passing them orally from generation to generation (32). It was not until at least the ninth century B. C. E. That these stories were transcribed; and it was yet another three hundred years before they reached their present form. They became â€Å"national† poems of ancient Greece, uniting Greek-speaking people by giving literary authority to their common heritage (33).They tell stories that the Greeks held close and wanted to last forever within their culture. These are even used for Inspiration today in writing and poetry. Both are also taught In high school In basic literature classes. They carry lessons that we use In today's culture; for example, the concepts that everyone makes mistakes (even heroes), to follow directi ons, loyalty, and to never give up or let go for the ones that you love. All of these life lessons are very Important In our culture today. Work Cited Hero, Gloria K. Landmarks In Humanities. D deed. New York. McGraw Hill, 2013. Print Civilization of Ancient Greece By pleasantries and wanted to last forever within their culture. These are even used for inspiration today in writing and poetry. Both are also taught in high school in basic literature classes.

Computer games: Related literature Essay

Computer games are the second most frequently used application after social media (Wakoopa, and negative outcomes, especially with respect to aggression (see in Sherry, 2001; Elson & Ferguson, 2013a, 2013c; Ferguson, 2007). Although less than 4% to 5% of the users—adolescents and secondary school students—are addicted to video/computer game (Kuss & Griffiths, 2012), some of the authors expressed that computer game addiction is common in adolescence and this causes a cycle of moral panic (see the moral panic issue of computer games in Barnett & Coulson, 2010; Elson & Ferguson, 2013b; Ferguson, Coulson, & Barnett, 2011). Hellstrà ¶m et al. (2012) found using computer games for escapism and gaining status increased their negative effects and, in contrast, using games for fun and sociability decreased negative effects of games. 2012). Computer and online game play rates and sales are increasing every day (Entertainment Software Association, 2012). Computer and online games are preferred by a wide range of people ranging from children and adolescents to adults. Entertainment Software Association’s (2012) research showed that the average game player is 30 years old and 32% of the players are less than 18 years old. Players choose to play games for several reasons such as fun, recreation (Griffiths & Hunt, 1995; Kuss & Griffiths, 2012), coping with stress (Grusser, Thalemann, Albrecht, & Thalemann, 2005; Wood & Griffiths, 2007), sociability, gaining status (Hellstrà ¶m, Nilsson, Leppert, & Ã…slund, 2012), and escaping real life (Wan & Chiou, 2006; Wood, Griffiths, & Parke, 2007). Research on video and computer gaming literature reports both positive and negative effects on players. Fifty-two percent of the parents highlighted that computer game playing is positive and an important element of their children’s life (Entertainment Software Association, 2012). Thus, playing games promotes problem solving, visual, motor, and spatial skills and fosters interaction with friends outside of school (Boot, Kramer, Simons, Fabiani, & Gratton, 2008; Phillips, Rolls, Rouse, & Griffiths, 1995). Moreover, games may be effective educational tools and games relieve boredom and stress (Bowman & Tamborini, 2012). Despite the positive effects of playing computer games for adolescents, there are also negative effects,  especially addictive computer game playing (Witt, Massman, & Jackson, 2011). Researchers have been investigating whether computer games can cause time distortion (Rau, Peng, & Yang, 2006), inattention, hyperactivity (Chan & Rabinowitz, 2006), aggressive behavior (Ferguson, 2007), violent acts (Ferguson et al., 2008), and negative emotions (Chumbley & Griffiths, 2006). Furthermore, researchers are investigating whether there is an association between computer gaming and smoking, drug use, depression (Desai, Krishnan-Sarin, Cavallo, & Potenza, 2010), negative self-esteem, social anxiety and loneliness (Van Rooij, Schoenmakers, Vermulst, Van Den Eijnden, & Van De Mheen, 2011), introversion, sensation-seeking, neuroticism, low emotional intelligence (Kuss & Griffiths, 2012), and low well-being (Barnett & Coulson, 2010). Most of this work found correlations between games and negative outcomes, but there are also a lot of studies reporting no correlation or only weak correlations between games and negative outcomes, especially with respect to aggression (see in Sherry, 2001; Elson & Ferguson, 2013a, 2013c; Ferguson, 2007). Although less than 4% to 5% of the users—adolescents and secondary school students—are addicted to video/computer game (Kuss & Griffiths, 2012), some of the authors expressed that computer game addiction is common in adolescence and this causes a cycle of moral panic (see the moral panic issue of computer games in Barnett & Coulson, 2010; Elson & Ferguson, 2013b; Ferguson, Coulson, & Barnett, 2011). Hellstrà ¶m et al. (2012) found using computer games for escapism and gaining status increased their negative effects and, in contrast, using games for fun and sociability decreased negative effects of games.

An Introduction to the Bell Curve

An Introduction to the Bell Curve A normal distribution is more commonly known as a bell curve.   This type of curve shows up throughout statistics and the real world.   For example, after I give a test in any of my classes, one thing that I like to do is to make a graph of all the scores. I typically write down 10 point ranges such as 60-69, 70-79, and 80-89, then put a tally mark for each test score in that range. Almost every time I do this, a familiar shape emerges. A few  students do very well and a few do very poorly. A bunch of scores end up clumped around the mean score. Different tests may result in different means and standard deviations, but the shape of the graph is nearly always the same. This shape is commonly called the bell curve. Why call it a bell curve? The bell curve gets its name quite simply because its shape resembles that of a bell. These curves appear throughout the study of statistics, and their importance cannot be overemphasized. What Is a Bell Curve? To be technical, the kinds of bell curves that we care about the most in statistics are actually called normal probability distributions. For what follows we’ll just assume the bell curves we’re talking about are normal probability distributions. Despite the name â€Å"bell curve,† these curves are not defined by their shape. Instead, an intimidating looking formula is used as the formal definition for bell curves. But we really don’t need to worry too much about the formula. The only two numbers that we care about in it are the mean and standard deviation. The bell curve for a given set of data has the center located at the mean. This is where the highest point of the curve or â€Å"top of the bellâ€Å" is located. A data set‘s standard deviation determines how spread out our bell curve is. The larger the standard deviation, the more spread out the curve. Important Features of a Bell Curve There are several features of bell curves that are important and distinguishes them from other curves in statistics: A bell curve has one mode, which coincides with the mean and median. This is the center of the curve where it is at its highest.A bell curve is symmetric. If it were folded along a vertical line at the mean, both halves would match perfectly because they are mirror images of each other.A bell curve follows the 68-95-99.7 rule, which provides a convenient way to carry out estimated calculations:Approximately 68% of all of the data lies within one standard deviation of the mean.Approximately 95% of all the data is within two standard deviations of the mean.Approximately 99.7% of the data is within three standard deviations of the mean. An Example If we know that a bell curve models our data, we can use the above features of the bell curve to say quite a bit. Going back to the test example, suppose we have 100 students who took a statistics test with a mean score of 70 and standard deviation of 10. The standard deviation is 10. Subtract and add 10 to the mean. This gives us 60 and 80. By the 68-95-99.7 rule we would expect about 68% of 100, or 68 students to score between 60 and 80 on the test. Two times the standard deviation is 20. If we subtract and add 20 to the mean we have 50 and 90. We would expect about 95% of 100, or 95 students to score between 50 and 90 on the test. A similar calculation tells us that effectively everyone scored between 40 and 100 on the test. Uses of the Bell Curve There are many applications for bell curves. They are important in statistics because they model a wide variety of real-world data. As mentioned above, test results are one place where they pop up. Here are some others: Repeated measurements of a piece of equipmentMeasurements of characteristics in biologyApproximating chance events such as flipping a coin several timesHeights of students at a particular grade level in a school district When Not to Use the Bell Curve Even though there are countless applications of bell curves, it is not appropriate to use in all situations. Some statistical data sets, such as equipment failure or income distributions, have different shapes and are not symmetric. Other times there can be two or more modes, such as when several students do very well and several do very poorly on a test. These applications require the use of other curves that are defined differently than the bell curve. Knowledge about how the set of data in question was obtained can help to determine if a bell curve should be used to represent the data or not.

Austrlia in Vietnam essays

Austrlia in Vietnam essays On the 3rd of August 1962, 29 Australian soldiers were flown to Saigon from Singapore. This marked the beginning of Australias in involvement in the Vietnam War. Australians served for ten and a half years in Vietnam, which was the longest war effort ever served by Australians. At its height Australian presence numbered 8,600 people. In all 50,000 Australian personnel served in the Vietnam War, of these 520 died and 2,400 were wounded. This war was the cause of the greatest social and political disturbance since the conscription referendum in World War One. The most commonly asked questions about this war are why was Australia involved in such a far off war, that seemed to have little to so with us, and how did the various groups respond within Australia. This report will confront the issues of the Vietnam War and answer these to vital questions in Australias history. Why Was Australia Involved in the Vietnam War? There are two main reasons why Australia fought in the Vietnam War, they are the so-called Domino Theory and the ANZUS treaty with the United States of- America. In 1954 US President Eisenhower coined this well-known theory. The Domino Theory stated that once one nation fell to communism it would almost definitely cause its neighboring countries to fall to the deadly clutches of communism. It was thought that this would continue causing a chain reaction, a reaction that mimics the falling of dominoes. As can be seen on the map to the left Australias proximity was very close to Vietnam so Australians believed that the only way to stop communism spreading to us was to fight against it in Vietnam. It was thought that the end point of this reaction was to be the southern countries such as Australia and New Zealand. This thought struck fear in the hearts and minds of the western world. In September of 1954 the minister for defence, ...

Neolithic Art and the New Stone Age

Neolithic Art and the New Stone Age After the art of the Mesolithic era, art in the Neolithic age (literally new stone) represents a spree of  innovation. Humans were settling themselves down into agrarian societies, which left them enough spare time to explore some key concepts of civilization- namely, religion, measurement, the rudiments of architecture, and writing and art. Climactic Stability The big geological news of the Neolithic age was that the glaciers of the Northern Hemisphere concluded their long, slow retreat, thus freeing up a lot of real estate and stabilizing the climate. For the first time, humans living everywhere from the sub-tropics to the Northern tundra could count on crops that appeared on schedule, and seasons that could be reliably tracked. This newfound  climatic stability was the one factor that allowed many tribes to abandon their wandering ways and begin to construct more-or-less permanent villages. No longer dependent, since the end of the Mesolithic era, on herd migration for food supplies, peoples of the Neolithic were becoming adept at refining farming techniques and building up domesticated herds of their own animals. With an ever-increasing, steady supply of grain and meat, we humans now had time to ponder the Big Picture and invent some  radical technological advances. Types of Neolithic Art The new arts to emerge from this era were weaving, architecture, megaliths, and increasingly stylized pictographs that were well on their way to becoming writing. The earlier arts of statuary, painting, and pottery stuck (and still remain) with us. The Neolithic era saw many refinements to each. Statuary (primarily statuettes), made a big comeback after having been largely absent during the Mesolithic age. Its Neolithic theme dwelt primarily on the female/fertility, or Mother Goddess imagery (quite in keeping with agriculture). There were still animal statuettes, however, these werent lavished with the detail the goddesses enjoyed. They are often found broken into bits- perhaps indicating that they were used symbolically in hunting rituals. Additionally, sculpture was no longer created strictly by carving. In the Near East, in particular, figurines were now fashioned out of clay and baked. Archaeological digs at Jericho turned up a marvelous human skull (c. 7,000 BC) overlaid with delicate, sculpted plaster features. Painting, in Western Europe and the Near East, left the caves and cliffs for good and became a purely decorative element. The finds of Çatal Hà ¼yà ¼k, an ancient village in modern Turkey, show lovely wall paintings (including the worlds earliest known landscape), dating from c. 6150 BC. As for pottery, it began replacing stone and wood utensils at a rapid pace and also become more highly decorated. Art for Ornamentation Neolithic art was still- almost without exception- created for some functional purpose. There were more images of humans than animals, and the humans looked more identifiably human. It began to be used for ornamentation. In the cases of architecture and megalithic constructions, art was now created in fixed locations. This was significant. Where temples, sanctuaries and stone rings were built, gods and goddesses were provided with known destinations. Additionally, the emergence of tombs provided unmoving resting places for the dearly departed that could be visited- another first. Neolithic Art Around the World At this point, art history typically begins to follow a prescribed course: Iron and bronze are discovered. Ancient civilizations in Mesopotamia and Egypt arise, make art, and are followed by art in the classical civilizations of Greece and Rome. People then traveled to and settled in what is now Europe for the next thousand years, eventually moving on to the New World- which subsequently shares artistic honors with Europe. This route is commonly known as Western Art, and is often the focus of any art history/art appreciation syllabus. However, the sort of art that has been described in this article as Neolithic (i.e.: Stone age; that of pre-literate peoples who hadnt yet discovered how to smelt metals) continued to flourish in the Americas, Africa, Australia and, in particular, Oceania. In some instances, it was still thriving in the previous (20th) century.

The effect of the Spanish American war on Cuban immigration to the Essay

The effect of the Spanish American war on Cuban immigration to the U.S. in the early 20th century - Essay Example This essay considers the nature of the Spanish American War as a seminal event in American history that had a tremendous influence on Cuban immigration to the United States. Spanish control of Cuba had dated back unto the early colonial period, as it was Christopher Columbus who first discovered the island in the 15th century. Cuban immigration to the United States had been prevalent as the two nations developed throughout the proceeding centuries, but greatly increased in the years immediately preceding the Spanish and American War. While this was in part brought on by the increased levels of revolutionary strife occurring throughout the country during this period, after the fall of the Spanish empire despotic rule in the Cuban colony greatly increased. It was during this period that Cuban farmers and intellectuals who had previously supported Spanish rule began to alter their perceptions and gradually support independence Indeed, prior to the Spanish American War, Cubans had engaged in a series of conflicts in an attempt to gain independence from Spanish rule (Corbitt 1963). Through the Ten Years’ War, the Little War, and the War of ’95, Cubans made strides to asserting their independence, although these wars were ultimately unsuccessful. During this period Cubans immigrated to the United States to avoid what they believed was oppressive Spanish rule, as well as to gain supporters for their revolutionary efforts. Cuban was an impoverished nation and country and the revolutionists didn’t have money for supplies to advance their revolutionary agenda. This poverty and internal strife also contributed in great part to the increased levels of immigration (Paterson 1996). Gradually, it was in great part due to the Cuban immigrants that moved to the United States and shifted public perception of the conflict that led to the United States involvement in the Spanish American War. The Cuban

The Nuremberg Trials Sentencing Essay Example | Topics and Well Written Essays - 750 words

The Nuremberg Trials Sentencing - Essay Example All this was happening after World War II, at a time when the world was coming to terms with the presence of human rights and civil liberties. This paper will examine the political heads and military leaders that had a part to play in the death of innocent Jews, and their fate after the verdicts were made after the initial IMT (International Military Tribunal). Twenty-four men were to face trial, but only twenty-one stood before the court to prove their innocence. Subsequent hearings were for judges, doctors, and the military in that region to prove whether they were guilty of the crimes. This group was identified as the second-tier and after a lot of deliberation, the guilty parties received much lesser punishment than their predecessors in the IMT. During that time in German’s history, the military had might and carried out activities and operations that may not have been permitted in this day (Evans 82). The Chief Prosecutor, Frencz B. Benjamin, during his time in the regio n admitted to letting some things pass unnoticed like the burning alive of an individual. This was meant to be an undercover task to evaluate the practices of the military in the region. It was during these subsequent hearings that a significant number of individuals were sentenced to prison. Brigadier Telford Taylor, Chief of Council for the prosecution, ensured that trials were carried out in the regions that still required the court’s attention. The growing differences between the allied forces made it more difficult to have control over the court. However, the Control Council Law ensured that trials were conducted without the presence of all the members of the allied forces. These trials may have found the second-tier parties guilty, but the sentences they were handed may not have been befitting (Evans 93). This was according to some parties that thought they were handed lesser punishment than what they actually deserved. The military personnel indicted by the courts were thought to have violated their code of conduct and ethics. They, therefore, could not be given a dignified death according to some of the parties present in the sentencing of these groups. Death by hanging was familiar in that time, and it is alleged that it was agonizing and painful as some of the parties had to struggle during strangulation for 14 to 28 minutes before they died (Ehrenfreund 145). Some saw this as well-deserved, as death through firing squad, as was the case during that time, would have been much dignified. Top ranking military officials were tried during the first IMT, but the subsequent hearings may have been for the lesser individuals that actually played a part in the persecution of innocent individuals. Twelve subsequent trials were carried out after the first International Military Tribunal, and the judges’ trial was the third. Josef Altstotter, Hermann Cuhorst, Herbert Klemm, Wolfgang Mettgenberg, Hans Peterson, and Curt Rothenberger were among some of the parties indicted during the subsequent trials (Ehrenfreund 167). Some of the mentioned parties were acquitted of the charges while others faced life imprisonment. It is evident that the subsequent trials conducted were for groups that were much lower in rank than the previous group, which paved the way for the tribunals. The military and this group of judges were

English - Genetically Modified Foods Essay Example | Topics and Well Written Essays - 1500 words

English - Genetically Modified Foods - Essay Example Yet, these developments are not purely benevolent. As the potential long-term effects of eating the resulting food is unknown, many consumers are afraid of future side effects and prefer foods that are naturally cultivated. Genetically modified plants and animals are, by definition, altered at their most fundamental levels, mutated in ways totally foreign to time-honored methods. One of the most significant debates presently occurring in the realm of genetically altered foods is over whether or not poultry produced via the developments of biotechnology create a healthy food supply. Although the full repercussions of consuming such meat over a lifetime will not be known for many years, I believe the prospects of better yields and stronger resistance to disease outweighs this. Genetically engineered poultry are the way of the future, and this future is to the greatest benefit to farmers, consumers and the poultry themselves. For thousands of years, mankind has domesticated fowl for eggs, meat and the breeding of subsequent generations of stock. Although using completely new methods and concepts, modern science is in fact advancing the practice of farming to achieve desired beneficial traits. Historical evidence suggests that humans have manipulated birds as required through purposeful breeding schemes and animal husbandry. Theoretically, genetic engineering is only a new potential avenue in this traditional art of bettering livestock populations. Combining the traits scientists wish to insert via biotechnology into the domesticated fowl is an ideal situation for farmers. Through this new tool in farming, consumers also benefit with lower prices, better tasting meat, and even meat which will microwave more effectively, thus answering to contemporary cooking instruments. People have always sought to enhance the desirable qualities of domesticated poultry. However, these processes may hot have anyways been humane or caring towards the animals. One such customary and fully legal practice in the United States is to starve hens for weeks at a time in order to manipulate egg production, despite the potential for serious health problems that might lead to premature death. Genetic engineering of the chickens can prevent further unethical acts towards these animals, which are regularly kept in mechanized environments and regularly mutilated, starved, forced to reproduce through artificial insemination, and left unprotected from widespread disease. Through the creation of chickens that are resistant to disease and able to mature quickly and stay in better health, the current ways of increasing the chicken growth rate can mercifully be abandoned. One of the worst negative effects of captivity is a dehabilitating leg weakness caused by tibial dyschondroplasia. In the natural environment, only 1.2 percent of chickens suffer from this condition, where 49 percent of domesticated chicken are plagued with these leg problems.1 The prospect of making chickens grow larger, leaner, and faster is very appealing to farmers, and as a biotech company president said, "I'm not sure that birds have preferences about their body shape." Genetic engineering can propagate a stock that is better suited for domestic conditions, insuring a better quality of life. Disease prevention among chickens is extremely important to both farmers and consumers,

Research Skills and Principles Assignment Example | Topics and Well Written Essays - 1250 words

Research Skills and Principles - Assignment Example modelled to solve the shortcomings associated with Traditional IP-based networks, ATM networks and Frame Relay in the management of enormously large networks like scalability flexibility, security, and cost?. Such a question is sufficient and in line with the aim of the study. It is effective to help the researchers study the impacts of the interior gateway routing protocols in the MPLS VPN. The approach employed in the study is sufficient and closely linked to the study question and objectives. Such an approach helped the researchers to investigate and validate their new proposed design. The authors proposed a new design that merged both features of layer three such as intelligence and scalability with those of layer two such as simplicity and efficiency culminating into MPLS/BGPVPNS design. The authors first conducted a thorough literature review on the related topic. This was of great benefit as it provided the bedrock for the study. The review of the literature helped the authors to get valuable insights into the current problem the system has and thus need for alternative. The reviewed literature in the MPLS, VPN, and MPLS VPN technology presented the best opportunity for gathering the information for a satisfactory fathoming of linked concepts to the current study. Subsequently, the authors did awesome work by indulging into an in-depth deliberation on various routine concepts. Such a discussion availed the avenue critically to investigate the effects of interior gateways routing protocol. Moreover, the authors should be lauded because they gave specifications of the twin routing protocol for the present study. The two simulation approach employed were appropriate and in line with the study questions and objectives. The simulation help to probe the two design separately to make a rational decision. This was necessary to gauge the merits and demerits of each design which would later inform the investigators of the most appealing design to implement. The use

Proposal Research Example | Topics and Well Written Essays - 2000 words - 1

Research Proposal Example The research will study the impacts of mobile devices on cyber security in Banda town that is located in the United States. This town is expected to have numerous users because it is located in the US, which has a high population of about 312 million (Shabtai, Fledel, Kanonov, Elovici, Dolev, & Glezer, 2010). The study will concentrate on colleges and universities in the region, because these institutions have numerous students who use mobile devices both at school and at home. The school administrators also use mobile phones to communicate with teachers and other supporting staff. Gaoyue (2013), the senior colonel of Nautilius Institute for security and sustainability, argues that the common uses of the internet include purchasing items in online stores, downloading music, sharing information oN social media platforms such as Face book, Twitter, and LinkedIn, paying electricity and water bills, and accessing television networks. These uses indicate that consumers post their personal information such as name, income, location, and credit card number on the cyber space. This information is personal meaning that it should only be accessed by the owners and other authorized people. However, since mobile phones perform functions that are similar to those of computers, it means that the information of consumers faces the threat of lack of privacy due to cyber threats. The cyber threats include viruses, malicious software, hacking, exposure of secrets, and network fraud (Wright, Dawson, & Omar, 2012). These cyber threats have impacts on consumers and companies that use the mobile devices to share information and purchase goods. Therefore, it is essential to study the impacts of the threats that mobile device users face; this will help in advising companies and consumers on how they can protect themselves from the hazards. The results of the study will enable teachers and students to identify the

Migration, remittance and livelyhood Essay Example | Topics and Well Written Essays - 15000 words

Migration, remittance and livelyhood - Essay Example Chapter 1: INTRODUCTION 1.1Background Migration is a key element in the history of humanity in terms of continued existence and it has always gone hand in hand with the expansion of human race. On the other hand, over the years, the awareness of global migration and its impact to expansion has evolved, because of the growing recognition of the importance of remittance. The high quantity of migrant remittance flows to rising countries has guided to both pessimistic and optimistic views on the impacts of remittance. A wide range of literature and research has been available discussing the issue of remittance and its implications on expansion and migration. On the other hand, research to date has primarily concentrated on the impact of remittance to financial development, the connection between migration and remittance and so on. However, there remains an important gap examining the various processes of sending remittance and the wider problems remittance poses. The incomes that migrant s send home to their relatives, mainly global migrants, have expanded in current years to levels, which exceed direct foreign investments and official growth assistance. The World Bank estimated that worldwide remittances increased from about $85.6 billion in the year 2000 to about $167 billion in the year 2004 as contrasted to the direct foreign investment and development assistance. Presently, the bank estimates that global remittances reached about $318 billion in the year 2007, an amount of about $240 billion of that went to developing countries. Whereas potentially of similar importance, the quantity of internal remittances, sent mainly by urban migrants back to rural societies of their origin, as money or kind, are not commonly recorded and are hard to estimate. Extra migrants move internally than worldwide, and their earnings are inclined to be lower. Despite troubles of amount, the clearly huge amounts of remittances sent by global and internal migrants have attracted a lot of researchers to observe their impact on different aspects of growth. Recently, a growing sense of awareness has arisen with regard to the size and impact of informal remittances. Whereas formal remittances denote those remittances that enter a country during official banking channels, the informal remittances contain those money transfers that happen through private channels. Such private transfers contain remittances brought home by relatives, friends and even the migrant herself/himself. Whereas formal remittances to increasing countries have totalled to more than $167 billion in the year 2005, the point of informal remittances is practically unknown for the reason that they be inclined to flow through private channels. Estimates of the range of informal remittances differ widely, ranging from about 35 to 250 percent of formal remittances. This paper aims to fill this research gap by talking about the

Proposal Research Example | Topics and Well Written Essays - 2000 words - 1

Research Proposal Example The research will study the impacts of mobile devices on cyber security in Banda town that is located in the United States. This town is expected to have numerous users because it is located in the US, which has a high population of about 312 million (Shabtai, Fledel, Kanonov, Elovici, Dolev, & Glezer, 2010). The study will concentrate on colleges and universities in the region, because these institutions have numerous students who use mobile devices both at school and at home. The school administrators also use mobile phones to communicate with teachers and other supporting staff. Gaoyue (2013), the senior colonel of Nautilius Institute for security and sustainability, argues that the common uses of the internet include purchasing items in online stores, downloading music, sharing information oN social media platforms such as Face book, Twitter, and LinkedIn, paying electricity and water bills, and accessing television networks. These uses indicate that consumers post their personal information such as name, income, location, and credit card number on the cyber space. This information is personal meaning that it should only be accessed by the owners and other authorized people. However, since mobile phones perform functions that are similar to those of computers, it means that the information of consumers faces the threat of lack of privacy due to cyber threats. The cyber threats include viruses, malicious software, hacking, exposure of secrets, and network fraud (Wright, Dawson, & Omar, 2012). These cyber threats have impacts on consumers and companies that use the mobile devices to share information and purchase goods. Therefore, it is essential to study the impacts of the threats that mobile device users face; this will help in advising companies and consumers on how they can protect themselves from the hazards. The results of the study will enable teachers and students to identify the

Case Study about 32 employees Research Paper Example | Topics and Well Written Essays - 750 words

Case Study about 32 employees - Research Paper Example Moreover, the interview method indicates the qualitativeness of the data that the consultant is gathering. In conducting a Descriptive Research, the consultant will simply be able to provide a description of the prevalent behavior of the employees in the workplace (Creswell, 2003). Question Two: How would you categorize the type of research conducted in Phase Two? Answer: The type of research conducted in Phase Two is Quantitative research. The Quantitative Research design makes use of numeric data in order to make inferences about a certain group. In this case, the consultant gathered numeric or quantitative data from the company employment records in the hope of finding significant differences in the data contained in the records (Creswell, 2003). Data: 1. During Phase One, the consultant determined that 50% of the employees were PhDs involved in new product research, the other 50% were laborers involved in distributing the product lines to customers. All of the PhDs were male, and all of the laborers were female. For all of the females, the employee’s income was a secondary income for the family; all were married and the majority had children. For the PhDs, the employee’s income was the family’s primary income; the majority was married with children. When asked, the managers noted that none of the employees ever violated the company’s absenteeism or tardiness policies. The majority of the employees expressed satisfaction with the company’s attendance policies. Several employees (all laborers) noted that the policy afforded them a good deal of flexibility to handle family matters as needed. The company awarded 20 days (160 hours) per year of vacation time that could accrue to a total of 40 days; they also provided 20 days (160 hours) of sick leave that could accrue to 180 days at which time long term disability took over paying the person’s salary. Sick leave and vacation could be taken on an hourly basis with manager approval. 2. The table below contains the numerical data collected by the consultant. Vac. Time Sick Leave Employee Gender Class. (hours) (hours) 1 M R 250 1000 2 M R 300 1250 3 F L 5 10 4 F L 4 25 5 M R 200 900 6 F L 100 24 7 M R 110 875 8 F L 75 150 9 F L 65 140 10 F L 120 250 11 M R 250 1225 12 M R 243 1210 13 F L 25 100 14 F L 10 50 15 M R 200 1100 16 M R 210 1098 17 F L 24 45 18 F L 15 23 19 F L 10 15 20 M R 220 1200 21 M R 250 1245 22 F L 25 54 23 M R 300 1300 24 F L 70 80 25 F L 80 100 26 M R 320 1440 27 M R 320 1440 28 F L 45 100 29 F L 34 100 30 M R 190 1000 31 M R 200 1100 32 M R 210 1200 Question Three: Calculate the average amount of vacation and sick leave for the two groups of employees (i.e., PhDs and laborers). Please show your work. Answer: In calculating the average amount of vacation and sick leave for the two groups of employees, the table was inputted to Excel and the data was sorted so that all researchers were grouped together and all laborers were grouped to gether. Afterwhich, the â€Å"AVERAGE† function was used to find the needed values. The following results were found: Table 1. Average Vacation and Sick Leave for Laborers and Researchers.    Vacation Time (in hours) Sick Leave (in hours) Laborers 44.2 79.1 Researchers 235.8 1161.4 Question Four: Calculate the standard deviation for the amount of vacati

J.J Thomson Essay Example for Free

J.J Thomson Essay J also had a brother that was two years younger than him-self named, Frederick Vernon Thompson. He went to private schools in the beginning of his education career, where he showed a great interest and passion for science, and when was 14 years old when he was accepted in to Owens College. His mother and father originally wanted him to study to be an engineer and get an apprentice for a local locomotive manufacturer, but due to his father’s death in 1873 his plans changed. He moved away from Owens College, and into Trinity College in Cambridge, where he then obtained his BA in mathematics in 1880. He married one of his students, Rose Elizabeth Paget, and they had one son and one daughter. J. J Thompson died still working on the college campus on August 30th, 1940 from unspecified causes at the age of 83. He married one of his students, Rose Elizabeth Paget, and they had one son and one daughter. J. J Thomson was without a doubt religious. He was a devout Anglican Episcopalian who regularly attended services at the Angelican church, and also went to Sunday evening college chapel services. I believe, that the best statement that I found, about the religious practices of Mr. Thomson was from one of his students, Sir Owen Richardson who said He was sincerely religious, a churchman with a dislike for Anglo-Catholicism, a regular communicant, who every day knelt in private prayer, a habit known only to Lady Thomson until near the end of his life. Further research shows that J. J Thompson never missed a day of prayer(as quoted above) and that every day before going to sleep, he would read his bible. Some of J. J’s speeches, and addresses also show that he was a devout believer in God, show in what he stated in his inaugural presidential address into the British association, As we conquer peak after peak we see in front of us regions full of interest and beauty, but we do not see ur goal, we do not see the horizon; in the distance tower still higher peaks, which will yield to those who ascend them still wider prospects, and deepen the feeling, the truth of which is emphasized by every advance in science, that Great are the Works of the Lord. Here we clearly see, that he doesn’t take credit for his accomplishments, he gives the credit to the Lord.

Discussing the challenges faced by financial institutions in managing risk

Discussing the challenges faced by financial institutions in managing risk When discussing the challenges faced by financial institutions in managing risk, it is important to have a consistent definition of the term risk. Risk can be defined as the volatility of a corporations market value. Risk management involves the protection of a firms assets and profits. Moreover, not only does it provide profitability but also other advantages like being in line with obedience function toward the rule, increasing the firms reputation and opportunity to attract more customers in building their portfolio of fund resources. Cebenoyan and Strahan (2004) suggest that the benefits of advances in risk management in banking may be greater credit availability, rather than reduced risk in the banking system (p.19). This means that banks will have a greater opportunity to increase their productive assets and profit. Only those banks that have efficient risk management system will survive in the market in the long run. They can follow a four-step routine to reduce their risk exp osures and achieve their risk management objectives, as shown below. Figure 1 steps for implementing risk management To properly manage risks, the bank must firstly identify and classify the sources from which risk may arise at both transaction and portfolio levels. Risks inherent in lending activities include market risk, liquidity risk, credit risk and operational risk. Market risk is the risk arising from adverse movements in the level or volatility of market prices of equities, interest rate instruments, currencies and commodities. Banks are always facing the risk of losses in on and off-balance-sheet positions arising from undesirable market movements. The fundamental role of banks in transforming of short-term deposits into long-term loans makes them inherently vulnerable to liquidity risk. The FSA has defined liquidity risk as: The risk that a firm, though solvent, either does not have sufficient financial resources available to enable it to meet its obligations as they fall due, or can secure them only at an excessive cost. Another risk that banks face is credit risk. It is the risk that can be incurred if the counterparty fails to meet its obligations in a timely manner. Loans are the most palpable source of credit risk in many of the banking systems; however, other sources of this risk originate through other activities of banks such as acceptances, trade financing, interbank transactions, financial futures, foreign exchange transactions, swaps, equities, options, bonds, and in the extension of commitments and guarantees, and the settlement of transactions. Operational risk, as its name suggests, is a risk arising from execution of a companys business functions. The Basel Committee has defined operational risk as: the risk of losses resulting from inadequate or failed internal processes, people and systems, or external events, such as the failure of computer systems or error and fraud on the part of staff. Apart from those risks mentioned above, the Federal Reserve System has recognised two other risks: legal risk and reputational risk. Legal risk is the risk of loss caused by sanctions or penalties originating from court disputes due to breach of contract and legal obligation. Another legal risk relates to regulatory risk, i.e., the risk of loss resulting from sanctions and penalties pronounced by a regulatory body. Reputational risk may be defined as the risk of loss caused by a negative impact on the market positioning of the bank. It can be seen as the blowing up of an initial loss, arising from credit, market, liquidity or operational risks. However, banks hardly pay attention to these categories of risks. Once identified, the risks should be evaluated to determine their impact on the companys profitability and capital. This entails measuring them by using various techniques ranging from simple to sophisticated ones. For example, market risk can be measured by using Value at Risk. This stage also calls for estimating three dimensions of each exposure: the potential frequency of losses that exposures have produced or may produce, the potential impact on the organisation if a loss should occur and the potential variation in losses that will occur during the exposure period. Accurate and timely measurement of risk is necessary because with these types of data the risk manager can determine which exposes are most serious and which deserve the most immediate attention. After measuring risk, bank managers should establish and communicate risk limits through policies, standards, and procedures that define responsibility and authority. In other words, these limits should serve as a means to control the risks associated with the banking institutions activities. There is a variety of mitigating tools that banks may employ to minimise the loss exposures. These tools may be diversification, securitization and even derivative such as withdrawal option, Bermudan-style return put option, return swap, return swaption and liquidity option. The final step involves appraising the operation of the program regularly to be sure that it is achieving planned results. It helps the managers to evaluate the wisdom of their decision-making. To efficiently monitor risk, all material risk exposures should be identified and measured again. To facilitate this procedure, banks should put in place an effective management information system (MIS) that will provide directors and senior managers with timely reports on the operating performance, financial condition and risk exposure of the firm. If corrective action is indicated at this stage, the first three steps should be repeated. 2.1 Corporate Governance in the banking sector Corporate governance is a term that is now universally invoked wherever business and finance are discussed. Its purpose is to coordinate a conflict of interest among all parties relationship within the company and to develop a system that can reduce or eliminate the agency problems arising from the separation of ownership and control (OECD, 1997). Agency problem occurs when the agents of an organization (e.g. management) use their power to satisfy their own interests rather than those of the principals (e.g. shareholders). It may also refer to simple disagreement between agents and principals. For example, the board of directors may disagree with shareholders on how to best invest the companys assets, especially when it wishes to invest in securities that would favour their interests. Not merely does the term corporate governance carries different interpretations, its analysis also involves diverse disciplines and approaches. One of the most quoted definitions of corporate governance is the one given by Shleifer and Vishny (1997): corporate governance deals with the ways in which suppliers of finance to corporations assures themselves of getting a return on their investment. The Cadbury Report, however, defined corporate governance as the system by which companies are directed and controlled (para 2.5). Additionally, it recognised that a system of good governance allows the board of directors to be free to drive their companies forward, but exercise that freedom within a framework of effective accountability (para 1.1). The Hampel Report, whilst accepting the Cadbury definition of corporate governance, also noted that the single overriding objective of companies is the preservation and the greatest practical enhancement over time of their shareholders investment ( para 1.16). In a similar vein, Charkham (1994) identified two basic principles of corporate governance: That management must be able to drive the enterprise forward free from undue constraint caused by government interference, fear of litigation, or fear of displacement. That this freedom- to use managerial power or patronage- must be exercised with a framework of effective accountability. Nominal accountability is not enough. In the banking sector, however, corporate governance differs greatly with other economic sectors in terms of broader extent of claimants the banks assets and funds. In manufacturing corporations, the issue is to maximise the shareholders value but in banking, the risk involved for depositors assumes greater importance due to the fact that almost every bit of banks investment are financed by the depositors funds. If it goes bankrupt, it will be depositors savings that the bank will lose. Indeed, Macey and OHara (2001) states that a broader view of corporate governance should be adopted in the case of banking institutions, arguing that because of the peculiar contractual form of banking, corporate governance mechanisms for banks should encapsulate depositors as well as shareholders. Arun and Turner (2003) also support this argument. Further, the involvement of government in banking is discernibly higher compared to other economic sectors due to the larger interests of the public (Capri o and Levine, 2002; Levine, 2004). Rational depositors require some form of guarantee before depositing their wealth in banks. Yet, it is relatively difficult for banks to provide these guarantees to them because communicating the value of a banks loan portfolio is quite impossible and very costly to reveal. As a consequence of this asymmetric information problem, bank managers can have an incentive to invest in riskier assets than they promised they would ex ante. To assure depositors that they will not expropriate them, banks could make investments in brand-name or reputational capital (Klein, 1974; Gorton 1994; Demetz et al 1996; Bhattacharya et al 1998), but these schemes give depositors little confidence, especially when contracts have a finite nature and discount rates are sufficiently high (Hickson and Turner, 2003). The opaqueness of banks also makes it very costly for depositors to constrain managerial discretion through debt covenants (Capiro and Levine, 2002, p.2). As such, government interventions provide the lacking assurance to economic agents in the form of deposit insurance. Nevertheless, although the government provides deposit insurance, bank managers still have an incentive to opportunistically increase their risk-taking, but now it is mainly at the governments expense. Apart from supporting the argument that a broader approach to corporate governance should be adapted to banking institutions, Arun and Turner (2003) also argue that government intervention do restrain the behaviour of bank management. The Bank for International Settlements has defined the governance in banks as the methods and approaches used to manage banks through the board of directors and senior management which determine how to put the banks objectives, operation and protect the interests of shareholders and stakeholders with a commitment to act in accordance with existing laws and regulations and to achieve the protection of the interests of depositors. The Table 1 below shows the general principles concerning corporate governance issued by the Basel Committee specifically for bank boards and senior management. Principle 1 Board members should be qualified for their positions, have a clear understanding of their role in corporate governance and be able to exercise sound judgment about the affairs of the bank. Principle 2 The board of directors should approve and oversee the banks strategic objectives and corporate values that are communicated throughout the banking organisation. Principle 3 The board of directors should set and enforce clear lines of responsibility and accountability throughout the organisation. Principle 4 The board should ensure that there is appropriate oversight by senior management consistent with board policy. Principle 5 The board and senior management should effectively utilise the work conducted by the internal audit function, external auditors, and internal control functions. Principle 6 The board should ensure that compensation policies and practices are consistent with the banks corporate culture, long-term objectives and strategy, and control environment. Principle 7 The bank should be governed in a transparent manner. Principle 8 The board and senior management should understand the banks operational structure, including where the bank operates in jurisdictions, or through structures, that impede transparency (i.e. know-your-structure). Table 1- Principles of corporate governance for bank boards and senior management 2.2 Corporate Governance Mechanism According to agency theory, the corporate governance mechanisms reduce the agency problem between investors and management (Jensen and Meckling, 1976; Gillan, 2006). Traditionally, governance mechanisms can be classified as internal and external. Llewellyn and Sinha, (2000) states that internal corporate governance is about mechanism for the accountability, monitoring, and control of a firms management with respect to the use of resources and risk taking. The main internal monitoring mechanisms are the board of directors, the ownership structure of the firm and the internal control system (Gillan, 2006). Whereas, external corporate governance controls encompass the controls external stakeholders exercise over the organisation and its primary external mechanisms are the takeover market and the legal/regulatory system. However for the purpose of this paper, we will mainly focus on some internal corporate governance mechanism such as the board of directors, more precisely on its independence and financial knowledge. Corporate governance best practices have also stressed in particular the key role played by the audit committee in reviewing a firms internal control system. Internal control systems contribute to the protection of investors interests by providing reasonable assurance on the reliability of financial reporting, the effectiveness of operations and the compliance with laws and regulations (COSO, 1994; 2004). As such, we will also draw some attention on the importance of an audit committee. 2.3 The boards independence The popular media as well as corporate governance experts have characterised boards largely as rubber stamps for management. They are the link between the shareholders of the firm and the managers entrusted with undertaking the day-to-day operations of the organisation (Monks and Minow, 1995; Forbes and Milliken, 1999). As stated in principle 4 above, bank boards should properly supervise the work of managers. Which type of directors performs better this duty than independent director? In fact, such directors can bring additional experience as well as clarity of thought to deliberations independent of views of management. Moreover, since their careers are not tied to the firms CEO, outside directors are believed to be more powerful in keeping efficiently the firms top management (Fama, 1980; Fama and Jensen, 1983), and so could be associated with better performance. Some papers do support this theory. Baysinger and Butler (1985), being among the first studies, find that the relative independence of boards has a positive effect on the firms average return on equity by comparing 266 major US businesses over a ten-years period. Kesner (1987); Weisbach (1988); Rosenstein and Wyatt (1990); Peace and Zahra (1992); Ezzamel and Watson (1993); MacAvoy and Millstein (1999); Brown and Caylor (2004) and Ho (2005) also show that shareholder returns are enhanced by having a greater proportion of outside directors on the board. Research by Brickley, Coles, and Terry (1994) shows significantly higher returns to firms announcing poison pills(rights issued to shareholders that are worthless unless triggered by a hostile acquisition attempt) when outside directors dominate the board. Other studies supporting the benefit of the boards independence are Dechow and Sloan (1996); Beasely (1996) and Klein (2002) who state that as outside membership on the board increase s the likelihood of financial statement fraud decreases. There is also Black et al. (2006) who reports that firms with 50% outside directors have approximately 40% higher share price by studying 515 Korean firms. And more recently, Staikouras C. K., Staikouras P. K. and Agoraki M. K. (2006) find that the percentage of independent directors is positively related with performance measured by Tobins Q on a sample of European banks. On the other hand, others find no convincing evidence that the level of outside directors on the board do add value to corporate performance. For instance, Fosberg (1989) finds that firms whose board is composed of a majority of outside directors do not have a higher performance as measured by the firms ROE or sales. Similarly, Hermalin and Weisbach (1991) find that non-executive directors have no impact on corporate performance in their sample of 142 NYSE firms. Pearce (1983) also find no relationship, as too Changanti et al. (1985) in their study of board composition and bankruptcy. The lack of relation between these two components has also been confirmed by Klein (1998), Bhagat and Black (2002) and Hayes, Mehran and Scott (2004). Other scholars refuting the effectiveness of outside directors on the board are Subrahmanyam et al. (1997) and Harford (2000) for the acquisition transactions, Core et al. (1999) for CEO compensation and Agrawal and Chadha (2005) for earnings restatements . It is normally the board of directors which overviews and approves the risk management policies. But, few papers have tried to link its independence to the firms risk management practices and hedging. By analysing a sample of bank holding companies, Whidbee and Wohar (1999) find that the likelihood of using derivatives seem to increase with the presence of external directors on the board but only when insiders hold a large proportion of the firms shares. Borokhovich et al. (2004) demonstrate that firms most active in hedging risk, especially when making use of interest rate derivatives usage, are those whose boards are dominated by external directors. Conversely, Dionne and Triki (2004); Mardsen and Prevost (2005) point out that outside directors has no impact on the firms risk management policy. Given the mixed empirical findings, it is quite difficult to assert whether the board independence contribute to corporate performance and the effectiveness of risk management. Although Fields and Keys (2003) assert that there is overwhelming support for independent directors providing superior monitoring and advisory functions to the firm, a unique and clear sign concerning the effect of the boards independence on any decision including the risk management one could not be predicted. 2.4 The financial knowledge of the board To adequately perform their supervision role, the board of directors must have financial knowledge (which relate to principle 1). Indeed, when board members are generalists and lack the technical financial knowledge to understand the complicated reports presented to them, they could vote for motions that increase the risks facing of the firm to a large extent. The company may collapse in this way and therefore hinder the shareholders interest. Because of the banks dominant position in the economy; they should possess some financial expertise directors on its board so as to make better decisions that will not lead the firm to go bankrupt. However, given its importance, the research on the value of the boards financial knowledge is quite scarce. At times, reports recognising the benefits of the boards independence also recommend financial literacy/expertise for directors in monitoring the firms performance. In fact, Booth and Deli (1999) and Guner, Malmendier and Tate (2004) suggest that commercial bankers on boards provide the financial skill needed to enable the business to contract more debt. Thus, this states that financial directors do add value to the firm. There is also Rosenstein and Wyatt (1990) who provide evidence that positive abnormal returns associated with the addition of an outsider to the board are higher when the latter is an officer of a financial firm. Later on, Lee, Rosenstein and Wyatt (1999) do come to the same conclusion. However, they were unable to make any statistically difference among the reaction of the three categories of financial directors they consider: commercial bankers, insurance company officers and investment bankers. Moreover, Agrawal and Chadha (2005) discover that the probability of earnings restatement is lower in firms whose boards have accounting or financially knowledgeable independent directors. To the best of our knowledge, researches on the boards financial knowledge have only been related with the firms performance and not specifically on its impact on risk management practices. As mentioned earlier in this study, the board of directors is usually responsible for the firms risk management policies. In other words, risk management is at the core of any board members charter. Financially knowledgeable directors will obviously make better decisions on risk management practices since they will have the technical background to understand the sophisticated financial tools involved in the risk management transactions. As such, firms whose boards are composed of financially knowledgeable directors engage more actively in risk management. 2.5 The audit committee The audit committee is intended to provide a link between the board and the auditor independent of the companys management, which is responsible for the accounting system (IOD, 1995). The chief objectives of an audit committee are to improve the quality of financial reporting, to reduce the potential authority for the non-executive director, to improve the channel of communication with the external auditor and, perhaps most importantly, to review the adequacy of the companys financial control systems. Tricker (1984) defines audit committee as being an important vehicle for ensuring the supervision and accountability at board level. As such, audit committees are very important in banking to safeguard the shareholders interest as well as the public trust. Just as for the board of directors, independence is also considered important for audit committees because outside directors can exercise their voice and be seen to make a valuable contribution since they are free of any influence arising from the firms CEO. Thus, the reported empirical evidence supports this argument. Klein (2002) shows that independent audit committees reduce the likelihood of earnings management, thus improving transparency. In addition, Abbott, Park and Parker (2002) argue that firms with audit committees comprising entirely of independent directors are less likely to have fraudulent or misleading reporting. Ho (2005) states that there is a strong positive link between independent audit committee and corporate competitiveness and also with return on equity after analyzing the international companies from 1997to 1999. Brown and Caylor (2004) do provide evidence that audit committees comprising of independent directors are positively related to dividend but not to operating performance. On the other hand, some authors find a negative relationship or simply no relation at all between independent audit committee and the firms performance. Hayes, Mehran and Scott (2004) prove that the firms performance measured by the market to book ratio is not affected by the proportion of outside directors sitting on the audit committee. Agrawal and Chadha (2005) do come to the same conclusion by indicating that independent audit committee members are unrelated to earnings restatement. There are also Beasley (1996) who finds no apparent correlation between audit committees and financial statement fraud, and Klein (1998) who reports no relation between share prices and the audit committees composition. Yet, Carcello and Neal (2000) report a negative relationship between the probability of receiving a going-concern report and the proportion of outsiders on the audit committee. According to BÃ ©dard et al. (2004), each member of the audit committee should possess a certain level of financial competency. Moreover, corporate governance literatures argue that there should be at least one member of the audit committee with accounting background. Audit committees with such characteristics are expected to provide effective monitoring as they possess the skills needed to understand what is going on in the organisation. Agrawal and Chadha (2005) show that firms whose audit committees have an outside director with accounting background or financial knowledge are less likely to report earnings restatement while Abbott, Parker and Peters (2002) discover that the absence of a financially competent director on the audit committee is highly associated with an increased in financial misstatement and financial fraud. Xie, Davidson, and DaDalt (2003) find that the presence of investment bankers on the audit committee decreases discretionary accruals in a firm. Defond, Hann and Hu (2004) and Davidson et al. (2004) show that the market has a positive reaction following the appointment of directors with accounting /auditing experience on audit committees board. The audit committees are also responsible for evaluating the risk exposures and the measures taken to monitor and control these exposures. To our knowledge no paper has tried to link audit committees composition with risk management practices. Because of the mixed and conflicting argument on independence, it is difficult to attest whether audit committees independence encourage more corporate hedging. Risk evaluation and risk management tools are quite difficult to use. Understanding them requires a good grasp of mathematics and statistics. Therefore, we expect firms whose audit committees members are qualified as financial expert to engage more actively in risk management practices. Furthermore, The Cadbury Report has insisted that all listed companies should have an audit committee comprising of at least three members. This is to encourage firms to devote significant director resources to their audit committees so that audit committees monitor the firms management more efficiently. However, several studies support the idea that large boards can be dysfunctional. Larger audit committees may be plagued with free rider, communication problem and monitoring problems. Therefore, as long as the increase in the audit committees size does not pose these types of problems, firms complying with this requirement are expected to report a higher hedging ratio. Often, corporations, especially financial ones, create another committee named risk monitoring committees. These types of committee are often responsible of the risk monitoring of the firm. However, this does not imply that audit committees are no longer responsible for evaluating and managing risks. They must still discuss and evaluate risk management processes. In other words, audit committees are there to review risk management processes proposed by the risk monitoring committees. As such, same characteristics as audit committees should be applied to these types of committees to fulfil their duties well.

Courage Worth Striving For Essay -- Personal Narrative War Strength Pa

Courage Worth Striving For Placing one foot in front of the other, I climbed the twisted, broken down staircase of the Brooks Army Medical Center in San Antonio, Texas. The year was 1973, and I didn't want to be on these stairs, growing closer and closer to an unknown world that frightened me. I didn't want to witness the things I inevitably would see and hear throughout the next few hours. Can I really handle this? I thought to myself. It didn't really matter anymore. As a medic in the Vietnam Era, and I had soldiers depending on me to tend to their wounds and care for their injuries. As I neared the top, I gained sight of a heavy, thick, white door with a window in the center of it. What was on the other side of that door? I knew there was pain, suffering, and dying. For a moment, I thought about the men who had managed to survive thus far and who were now lying in hospital beds severely injured and bedridden, completely dependent on the care that was given to them. These men had wives, children, and other family members wishing desperately they would recover from the wounds they had encountered in Vietnam and return to life as they knew it before the war. Some of these men would never return to life as they had known it previously, with the reality of amputation and other life-altering treatments taking place as a customary and common practice. I wondered if I was prepared for this. The self-inflicted weight on my shoulders grew progressively heavier step by step. Those same family members hoping their loved ones would live had me to put their trust in. Me. As a trained medic, I was confident that I had the head knowledge I needed to treat the soldiers that had been flown in from Vietnam, as long as I wasn't distra... ...ing this story did not cause me to become a pacifist and reject the concept of war completely. I realize how horrendous war is, especially after hearing about my father's patient in room twelve. However, I feel it is even more appalling to ignore situations that are worse than war, such as the situation in Germany that evoked World War II. It is my belief that soldiers who have seen war value peace more than any pacifist because they know the cost. I now view my own life differently. If that soldier could speak again, I would imagine his message would be to take each day not as a guarantee, but as a gift. After hearing my father's story, my advice is this- do not take life for granted. You never know when you will be forced to find a new depth of strength you never even imagined you possessed and surrender your life for your cause, your beliefs, or your country.

Ancient Cassiterides

Ancient geography The Cassiterides, meaning Tin Islands (from the Greek word for tin: /Kassiteros), are an ancient geographical name of islands that were regarded as situated somewhere near the west coasts of Europe. The traditional assumption, ignoring Strabo, is that Cassiterides refer to Great Britain, based on the significant tin deposits in Cornwall. Herodotus (430 BC) had only dimly heard of the Cassiterides, â€Å"from which we are said to have our tin,† but did not discount the islands as legendary. 3] Later writers — Posidonius, Diodorus Siculus,[4] Strabo[5] and others — call them smallish islands off (â€Å"some way off,† Strabo says) the northwest coast of the Iberian Peninsula, which contained tin mines or, according to Strabo, tin and lead mines. A passage in Diodorus derives the name rather from their nearness to the tin districts of Northwest Iberia. Ptolemy and Dionysios Periegetes mentioned them — the former as ten small islands i n Northwest Iberia far off the coast and arranged symbolically as a ring, and the latter in connection with the mythical Hesperides. Probably written in the first century BC, the verse Circumnavigation of the World, whose anonymous author is called the â€Å"Pseudo-Scymnus,† places two tin islands on the upper part of the Adriatic Sea and mentioned the marketplace Osor on the island of Cres, where extraordinary high-quality tin could be bought. [6][7] Pliny the Elder, on the other hand, represents the Cassiterides as fronting Celtiberia. At a time when geographical knowledge of the West was still scanty, and when the secrets of the tin-trade were still successfully guarded by the seamen of Gades and others who dealt in the metal, the Greeks knew only that tin came to them by sea from the far West, and the idea of tin-producing islands easily arose. Later, when the West was better explored, it was found that tin actually came from two regions: Northwest Iberia and Cornwall. Diodorus reports: â€Å"For there are many mines of tin in the country above Lusitania and on the islets which lie off Iberia out in the ocean and are called because of that fact the Cassiterides. † According to Diodorus tin also came from Britannia to Gaul and thence was brought overland to Massilia and Narbo. [8] Neither of these could be called small islands or described as off the Northwest coast of Iberia, and so the Greek and Roman geographers did not identify either as the Cassiterides. Instead, they became a third, ill-understood source of tin, conceived of as distinct from Iberia or Britain. Od najdawniejszych czasow Brytania znana byla ze swych zloz metali. Fenicjanie i Kartaginczycy sprowadzali stad glownie cyne (plumbum album). Jej glowne zloza wystepowaly w starozytnosci, podobnie jak dzis, na wybrzezu Kornwalii i wyspach stanowiacych jej przedluzenie, slynnych „Wyspach Cynowych† (insulae Cassiterides). W srodkowych rejonach wyspy obficie wystepuje zelazo, ktorego zloza powierzchniowe eksploatowali Brytowie, a z glebokich kopalni wydobywali je Rzymianie. Rzymianie tez rozpoczeli eksploatacje bogatych pokladow miedzi, ktore wystepuja glownie na terenie dzis. Kornwalii, Cardigenshire i Anglesey w poblizu Llandundo. Gory Walii byly natomiast terenami zlotodajnymi kopano tam tez srebro. Tacyt mowi po prostu: „Brytania dostarcza zlota, srebra i innych metali, ktore sa nagroda za zwyciestwo. †Ã‚   Wyobraznie rzymskich najezdzcow rozbudzaly tez inne legendarne bogactwa wyspy, o ktorych opowiada niezastapiony Tacyt: „Ocean rodzi perly lecz nieco sine i blade. †

Rapping and Moral Values

Moral values and graciousness, in the past, were prominent in most teenagers. Majority of the youths then learnt respect, courtesy, consideration, decency, propriety, honesty and righteousness from a young age, and had enough self-discipline to hold to these values. However, these moral values and self-discipline are slowly diminishing over the years, as most of the younger generation are gradually disregarding these ethics. The listed values have slowly faded away, as they mean little to these adolescents, as moral values and self-discipline are on the verge of disappearing. This lack of self-discipline and self-control is becoming more and more apparent over time. However, this situation is not to be taken lightly as the younger generation is the future of our nation. Even the simplest of morals like, respect, care and consideration are slowly fading away over the years. A simple display of respect like offering the elderly a seat on the bus is being replaced by scenarios of students competing with them for seats. Instead of showing the principles of care and Should Moral Values Be Taught in Schools The Renaissance or rebirth of the Greco- Roman era, a period in time in which all aspects of the humanities flourished. It was also during this time period in which the majority of the humanists deemed the â€Å"greatest† were produced. From the Lorenzo de Medici to Raphael, these greats were extremely well rounded and had great moral values. As a foundation for their success and moral values, they benefited greatly from the writings and teaching of their Greek and Roman predecessors as well as the Bible. This is present in Raphael’s renaissance painting the School of Athens. He pays homage to those who came before him by incorporating Greek philosophers such as Plato, and even some of his Renaissance colleagues like Michelangelo into the painting. Now as we come back to the time in which we live, where can we say that we learned our moral values? We as Americans have lost sight of many of our moral values. A huge debate has been raised as to whether moral values should be taught in school. Most people would argue that the teaching of moral values be taught in the home by the parents and should not be the responsibility of others. I personally feel that moral values should be taught in school. By teaching moral values in school, there will be much success gained by doing so. Also, I feel that as a way to increase moral values, students should have to read the literary works of the Greek philosophers and Renaissance artists as well. Reading which is very important will definitely help us become better persons because it will open our minds to more than just what we have in front of us. Many of the humanists during the renaissance benefited from reading ancient roman literature and I feel that we can do the same. First of all, I feel that moral values should be taught in schools because we as Americans have lost sight of many of our moral values. For example, we have lost the family structure. We no longer gather at the.. The Effects of hip hop/rap Music on The Younger Generation Today The dynamic era of hip hop emerged in the 1970s through the streets of Bronx, New York City. Now twenty five years old and still counting, the world of hip hop is at a new level. Lil’ Wayne, Kanye West, Rick Ross, 2 Chainz, and Plies are just some of today’s biggest icons in the world of hip hop. Having record hitting tracks that jump off the charts, these rappers are definitely the image the younger generation looks up to. Though, having these amazing tracks, these same iconic figures are said to be the cause of our teenagers heading down the road of destruction. The effects of these lyrics on the teenage society are said to provoke violence, foul language, and enhanced sexual behavior. To begin, the effect of hip hop or rap music on the younger generation today has encouraged youth to become more violent and aggressive. Ever since the rise of rap music, teens have been turning to music to help solve their problems. However, this music cannot be helpful but very destructive. Encouraging raging acts of violence, these lyrics influence and damage the minds of children, teens and young adults. For instance, rapper Plies states, â€Å"Don't tell me shit about what them niggas said, Them niggas just raping, Fuck niggas be bluffing, Killers make shit happen,† in his track called Naan Nigga. The breakdown of these lyrics: It does not matter what another individual states about one, if a person is â€Å"real† one must ake violent actions to prove your point in life. The effect of teens listening to music like this is shown in and out of school. More and more students are being arrested and taken to juvenile detention centers due to fighting or bringing weapons to school. For example, my junior year, a student brought a knife to school to threaten another student. During their verbal altercation in the courtyard, the student carrying the knife kept repeating, â€Å"Nigga I’m real, I’ll slit yo throat from ear to ear.

Assignments Maritime Law

Question AAdvise The Theatre of Wine on any claim that they might have, and what level of limitation will apply to that claim that the might have. People to note are; The Buyer/claimant: (The Theatre of Wine), in Greenwich London, UK Shipowner/defendant: (Carry Carefully), South AfricaCopy of the bill of lading My first advice is to ask The Theatre of Wine is that they need to know key important factors; The claimant need to prove when the defendant’s period of responsibility for the goods begin, and what was the condition of the goods at the time. In establishing the condition and the quantity of the goods at the start of the defendant’s period of responsibility, the claimant will be able to rely on the common law and statutory rules that governs the effect of the statements in shipping documents, such as bill of lading.As to this case there are no information about the about the period when the wine were transported, date when the contract has taken place and delivery terms, no information about how the cargo was stowed and also no information from the claimant about how the documents would be issued such as the mate receipt, final and initial draft survey report of the vessel before loading the cargo and bill of lading.Also, under every contract of carriage of goods by sea the carrier, in relation to loading, handling, stowage, carriage, custody, care and discharge of the goods shall be subject to the responsibilities and liabilities and entitle to the rights and immunities, also whether the cargo was in good condition or not, the quantity or units of the consignment was not declared by the claimant before the cargo was loaded and have not been described on the bill of lading. In that case the carrier or the ship should not become liable for any loss or damage in connection with the consignment if the amount exceeding the equivalent of 10,000 francs per package or unit 30 francs per kilo of gross weight of the goods lost or damaged, whichever i s the higher.CARRIAGE OF GOODS BY SEA ACT 1 OF 1986To amend the law with respect to the carriage of goods by sea and to provide  for matters connected therewith.Application of Hague Rules.—(1) Those Rules contained in the International Convention for the Unification of Certain Rules of Law Relating to Bills of Lading signed at Brussels on 25 August 1924, as amended by the Protocol signed at Brussels on 23 February 1968, which are set out in the Schedule (hereinafter referred to as the Rules) shall, subject to the provisions of this Act, have the force of law and apply in respect of the Republic in relation to and in connection with:(a) the carriage of goods by sea in ships where the port of shipment is a port in the Republic, whether or not the carriage is between ports in two different States within the meaning of Article X of the Rules; As in the current case between The Theatre of Wine the claimant and the shipowner Carry Carefully from South Africa to Greenwich London U K.(b) any bill of lading if the contract contained in or evidenced by it expressly provides that the Rules shall govern the contract; In this case the bill of lading has no detail as to weigh and description of the consignment that were shipped.(c)any receipt which is a non-negotiable document marked as such if the contract contained in it or evidenced by it or pursuant to which it is issued is a contract for the carriage of goods by sea which expressly provides that the Rules are to govern the contract as if the receipt were a bill of lading, but subject to any necessary modifications and in particular with the omission in Article III of the Rules of the second sentence of paragraph 4 and paragraph 7;Seaworthiness not to be implied. There shall not be implied in any contract for the carriage of goods by sea to which the Rules apply by virtue of this Act, any absolute undertaking by the carrier of the goods to provide a seaworthy ship.Jurisdiction of courts. (1) Notwithstanding any purported ouster of  jurisdiction, exclusive jurisdiction clause or agreement to refer any dispute to arbitration, and notwithstanding the provisions of the Arbitration Act, 1965 (Act No. 42 of 1965), and of section 7 (1) (b) of the Admiralty Jurisdiction Regulation Act, 1983 (Act No. 105 of 1983), any person carrying on business in the Republic and the consignee under, or holder of, any bill of lading, waybill or like document for the carriage of goods to a destination in the Republic or to any port in the Republic, whether for final discharge or for discharge or for discharge for further carriage, may bring any action relating to the carriage of the said goods or any such bill of lading, waybill or document in a competent court in the Republic.Subject to the provisions of Article VI, under every contract of carriage of goods by sea the carrier, in relation to the loading, handling, stowage, carriage, custody, care and discharge of such goods, shall be subject to the responsibili ties and liabilities and entitled to the rights and immunities hereinafter set forth.The Carrier shall be bound before and at the beginning of the voyage to exercise due diligence to:(a) make the ship seaworthy;(b) properly man, equip and supply the ship; and(c) make the holds, refrigerating and cool chambers, and all other parts of the ship in which goods are carried, fit and safe for their reception, carriage and preservation.Subject to the provisions of Article IV, the carrier shall properly and carefully load, handle, stow, carry, keep, care for and discharge the goods carried.After receiving the goods into his charge the carrier or the master or agent of the carrier shall, on demand of the shipper, issue to the shipper a bill of lading showing among other things. (a) The leading marks necessary for identification of the goods as the same are furnished in writing by the shipper before the loading of such goods starts, provided such marks are stamped or otherwise shown clearly up on the goods if uncovered, or on the cases or coverings in which such goods are contained, in such a manner as should ordinarily remain legible until the end of the voyage.(b) Either the number of packages or pieces, or the quantity, or weight, as the case may be, as furnished in writing by the shipper.(c) The apparent order and condition of the goods: The shipper shall be deemed to have guaranteed to the carrier the accuracy at the time of shipment of the marks, number, quantity and weight, as furnished by him, and the shipper shall indemnify the carrier against all loss, damages and expenses arising or resulting from inaccuracies in such particulars. The right of the carrier to such indemnity shall in no way limit his responsibility and liability under the contract of carriage to any person other than the shipper.Unless notice of loss or damage and the general nature of such loss or damage be given in writing to the carrier or his agent at the port of discharge before or at the ti me of the removal of the goods into the custody of the person entitled to delivery thereof under the contract of carriage, or, if the loss or damage be not apparent, within three days, such removal shall be prima facie evidence of the delivery by the carrier of the goods as described in the bill of lading. The notice in writing need not be given if the state of the goods has, at the time of their receipt, been the subject of joint survey or inspection. (which is not the case)After the goods are loaded the bill of lading to be issued by the carrier, master, or agent of the carrier, to the shipper shall, if the shipper so demands, be a â€Å"shipped† bill of lading, provided that if the shipper shall have previously taken up any document of title to such goods, he shall surrender the same as against the issue of the â€Å"shipped† bill of lading, but at the option of the carrier such document of title may be noted at the port of shipment by the carrier, master or agent w ith the name or names of the ship or ships upon which the goods have been shipped and the date or dates of shipment, and when so noted, if it shows the particulars  mentioned in paragraph 3 of Article III, shall for the purpose of this article be deemed to constitute a â€Å"shipped† bill of lading. (which is not the case)Any clause, covenant, or agreement in a contract of carriage relieving the carrier or the ship from liability for loss or damage to, or in connection with, goods arising from negligence, fault, or failure in the duties and obligations provided in this article or lessening such liability otherwise than as provided in these Rules, shall be null and void and of no effect. A benefit of insurance in favour of the carrier or similar clause shall be deemed to be a clause relieving the carrier from liability. (which is not he case)Neither the carrier nor the ship shall be liable for loss or damage arising or resulting from unseaworthiness unless caused by want of due diligence on the part of the carrier to make the ship seaworthy, and to secure that the ship is properly manned, equipped and supplied, and to make the holds, refrigerating and cool chambers and all other parts of the ship in which goods are carried fit and safe for their reception, carriage and preservation in accordance with the provisions of paragraph 1 of Article III. Whenever loss or damage has resulted from unseaworthiness the burden of proving the exercise of due diligence shall be on the carrier or other person claiming exemption under this article.Neither the carrier nor the ship shall be responsible for loss or damage arising or resulting from:(a) act, neglect, or default of the master, mariner, pilot, or the servants of the carrier in the navigation or in the management of the ship;(b) fire, unless caused by the actual fault or privity of the carrier;(c) perils, dangers and accidents of the sea or other navigable waters;(d) act of God;(e) act of war;(f) act of public enemies;(g) arrest or restraint of princes, rulers or people, or seizure under legal process;(h) quarantine restrictions;(i) act or omission of the shipper or owner of the goods, his agent or representative;(j) strikes or lockouts or stoppage or restraint of labour from whatever cause, whether partial or general;(k) riots and civil commotions;(l) saving or attempting to save life or property at sea;(m) wastage in bulk or weight or any other loss or damage arising from inherent defect, quality or vice of the goods;(n) insufficiency or inadequacy of marks;(o) insufficiency of packing;(p) latent defects not discoverable by due diligence; and(q) any other cause arising without the actual fault or privity of the carrier, or without the fault or neglect of the agents or servants of the carrier, but the burden of proof shall be on the person claiming the benefit of this exception to show that neither the actual fault or privity of the carrier nor the fault or neglect of the agents or serva nts of the carrier contributed to the loss or damage.The shipper shall not be responsible for loss or damage sustained by the carrier or the ship arising or resulting from any cause without the act, fault or neglect of the shipper, his agents or his servants.(a) Unless the nature and value of such goods have been declared by the shipper before shipment and inserted in the bill of lading, neither the carrier nor the ship shall in any event be or become liable for any loss or damage to or in connection with the goods in an amount exceeding the equivalent of 10 000 francs per package or unit or 30 francs per kilo of gross weight of the goods lost or damaged, whichever is the higher.(b) The total amount recoverable shall be calculated by reference to the value of such goods at the place and time at which the goods are discharged from the ship in accordance with the contract or should have been so discharged. The value of the goods shall be fixed according to the commodity exchange price , or, if there is no such price, according to the current market price, or, if there be no commodity exchange price or current market price, by reference to the normal value of goods of the same kind and quality.(c) Where a container, pallet or similar article of transport is used to consolidate goods, the number of packages or units enumerated in the bill of lading as packed in such article of transport shall be deemed the number of packages or units for the purpose of this paragraph as far as these packages or units are concerned. Except as aforesaid such article of transport shall be considered the package or unit.Based on all above documents, clause and articles from Visby Amendments (the Bruxells Protocol) and CARRIAGE OF GOODS BY SEA ACT NO. 1 OF 1986, I can strongly say the buyer â€Å"The Theatre of Wine† company has no chance to claim on the shipowner Carry Carefully, South Africa for damage the cargo.B. To What extent would you have advised parties to this type of c arriage contract to include an arbitration clause into their contract? Buyer: The Theatre of Wine, in Greenwich, London, United Kingdom Shipowners/Shippers: Carry Carefully, South Africa we can introduce the following arbitration clause: â€Å"All disputes arising in connection with the present contract to be  settled under the rules of Visby Amendments (the Bruxells Protocol), CARRIAGE OF GOODS BY SEA ACT NO. 1 OF 1986 of South Africa and London Maritime Arbitrators Association by three arbitrators appointed in accordance with the rules. Arbitration shall be held in London. General Average. General Average shall be adjusted, stated and settled in London, according to the York Antwerp Rules 1974, as amended 1994 and subsequent amendments.†For sure the party exposed is „The Theatre of Wine† from Greenwich, London, United Kingdom due to lack of covery of risk in his transportation contract